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October 25, 2007SDTC approves $30.3 million in new funding

Toronto, Canada (GLOBE-Net) - Canada's clean tech economy reached a new milestone with the approval by Sustainable Development Technology Canada (SDTC) of $30.3 million in new funding for the development and demonstration of 14 clean technology projects. This new funding brings SDTC's investment portfolio over the $1 billion mark.

The total value of the 14 new projects is $93.5 million, bringing the SD Tech Fund investment portfolio to $1.03 billion. "Our partnership with SDTC is providing Canadians with clean technology options that will improve their health now and in the future," said Natural Resources Minister Gary Lunn.

His views were echoed by Environment Minister John Baird, who noted "Today's announcement will ensure future generations of Canadians will continue to enjoy clean air, high-quality water and clean soil, while helping make this country a world leader on the environment."

Newly appointed SDTC Chairman Stephen Probyn observed that since the first SDTC funding round in 2002, there has been a twenty fold increase in financial support for clean technologies, much of which has followed the model set out by SDTC in terms of leveraged funding involving public and private investment.

Highlights of the current round of funding approvals include:

A project that proposes to capture CO2 from compressor stations (and other installations in the fossil fuel, power generation sector) and sequester it using an innovative algae bio-reactor. Algae have the ability to sequester CO2, produce oxygen and generate bio-oil.

A project will demonstrate a versatile cogeneration system using multiple agricultural biomass feedstocks as a rural alternative to burning coal. It will be demo nstrated as part of a district heating project in the Métis community of Saint Laurent, Manitoba.

A project aims to develop a novel manufacturing process for the fabrication of a new polymer derivative which promises to greatly reduce the cost of solar photo-voltaic (PV) cells. This unique polymer has higher material stability and light absorption properties than its nearest competition.

Since April 2002, the SD Tech Fund has completed eleven funding rounds, committed $308 million to 137 clean technology projects, and leveraged $722 million from project consortia members. The new group of companies that will receive funding and the promise their technology solutions hold are particularly exciting noted Vicky J. Sharpe, President and CEO of SDTC, ranging from increasing the energy efficiency of important sectors like oil and gas to empowering remote communities to operate more cost-effectively.

SDTC will launch the next call for Statements of Interest (SOI) for the SD Tech Fund on February 27, 2008. The upcoming call for SOIs will include a request for projects with technologies that address climate change, clean air, clean water and clean soil issues. Solutions that address more than one focus area are of greatest interest.

SDTC is an arm's-length foundation which has received $1.05 billion from the Government of Canada as part of its commitment to create a healthy environment and a high quality of life for all Canadians. SDTC operates two funds aimed at the development and demonstration of innovative technological solutions.

The $550 million SD Tech Fund(TM) supports projects that address climate change, air quality, clean water, and clean soil. The $500 million NextGen Biofuels Fund(TM) supports the establishment of first-of-kind large demonstration-scale facilities for the production of next-generation renewable fuels.

As a not-for-profit corporation SDTC has been working with the public and private sector including industry, academia, non-governmental organizations (NGOs), the financial community and all levels of government to achieve this mandate.